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Take Two

ProPublica: How short-term loans turn into life-long debt

By Take Two Staff
Published Dec 20, 2013
High-cost lenders, like AmeriCash, exploit laws to sue tens of thousands of Americans every year. The result: A $1,000 loan grows to $40,000.
AmeriCash Loans of Missouri is seen on Dec. 12, 2013 in St. Louis. High-cost lenders, like AmeriCash, exploit laws to sue tens of thousands of Americans every year. The result: A $1,000 loan grows to $40,000.
(
Whitney Curtis/AP Images
)

Take Two translates the day’s headlines for Southern California, making sense of the news and cultural events that affect our lives. Produced by Southern California Public Radio and broadcast from October 2012 – June 2021. Hosted by A Martinez.

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ProPublica: How short-term loans turn into life-long debt

Five years ago in St. Louis, a single mother took out a payday loan for $1,000. That small-scale loan ballooned rapidly, and became a $40,000 debt.

She's certainly not alone. Thousands of Americans have similar stories of how high-interest loans spiraled out of control. Now, a Propublica investigation looks at how lenders are turning to legal action to collect on those debts. For more, we're joined by Paul Kiel, reporter with Propublica.